Power Breakfast: Big developer with big problems, health vote, Dome, temp workers, Fed

In a well-researched story, AJC reporter Rachel Tobin Ramos details how high-flying developer Stan Thomas ran into serious financial trouble.

It’s a story repeated quite often during this financial crisis, although Thomas, of Newnan, had projects that were more far-flung than many — on both sides of the Atlantic, as well as on the West Coast.

Thomas’s reach appeared to indicate a well-capitalized developer who was willing to risk hundreds of millions of his own dollars to get the ball rolling on some of his mega-projects, Ramos reports.

But last month, Thomas — a longtime shopping center developer whose success led him into ever-larger ventures — put three major projects into bankruptcy protection. He also narrowly averted foreclosure on The Forum Peachtree Parkway in Norcross, one of his signature retail developments.

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4 comments Add your comment

Brad Steel

December 21st, 2009
9:32 am

I know how to make money.

Appears as if you are very good at losing money too.

Rodney J. Allen

December 21st, 2009
9:37 am

Has anyone actually looked into the percentage of home owners actually being approved for The Home Owners Government Refinance Plan. Even if your Mortgage Company approves the refinance the investor (mine being Freddy Mac) can still disapprove the refinancing. So I’m just wondering what percentage of the fore closed homes could have been saved if the companies who recieved Government bail outs will not bail out the people who’s tax money bailed them out.

Sincerely
Fustrated Home Owner/Tax Payer

Libiterian

December 21st, 2009
6:37 pm

When will people learn to stash away a few million and just retire to the good life?

DL

December 22nd, 2009
5:18 pm

My family had a lot of Wachovia stock. His loss ended up being our loss.